Steve Helber / AP

The Trump administration will soon issue guidance to the Pentagon for how to enforce President Trump's military transgender ban, the Wall Street Journal reports.

  • Secretary Mattis will have 6 months to implement the ban, according to the 2.5 page memo.
  • Transgender recruits will not be admitted, and removal of currently serving transgender troops will be at Mattis' discretion.
  • "Deployability," described by WSJ as "the ability to serve in a war zone, participate in exercises or live for months on a ship," is the legal justification Mattis will use to determine who can and can't serve. The idea that transgender troops are less "deployable" has met with fierce resistance.

Flashback: Trump tweeted on July 26, "The United States Government will not accept or allow....Transgender individuals to serve in any capacity in the U.S. Military," but didn't follow up with a direct order so the ban has not been enforced.

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The new buyout barons

Illustration: Eniola Odetunde/Axios

Last month I wrote that SPACs are the new IPOs. But I may have understated it, because SPACs are also becoming the new private equity.

By the numbers: Short for "special purpose acquisition company," SPACs have raised $24 billion so far in 2020, with a loaded pipeline of upcoming offerings. U.S. buyout firms raised nearly $102 billion through the end of June — a much larger amount, but not so much larger that the two can't play on the same field.

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Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

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Photo: Gary Kellner/PGA of America via Getty Images

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Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.